Incometax return of shopkeeper

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

19 April 2016 Dear Sir,

I want to file a return of a Karyana Store shopkeeper he said his income is Rs 3 lacs annually please help me to file return without tax & any documents maintain

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

19 April 2016 You have to Prepare P&L to find out Profit & taxability of Shop Keeper for income tax purpose and to filling Return.

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

19 April 2016 File ITR-4S declare income u/s 44ad 8% on gross turnover.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

19 April 2016 Avail of the presumptive tax scheme u/s 44AD. 8% of the turnover is deemed to be profit. No books of accounts or documents need be maintained. Show the Turnover at Rs.37,50,000/- or so and the profit would be Rs.3 lakhs. Preferably show an odd figure as the turnover is not likely to be in round figures.

Suresh Ramaswamy

Suresh Ramaswamy (Expert)

19 April 2016 Fully endorse the view of expert Kaviraja Addangadi.

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